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Burkina Faso : The OPEC Fund signs US$20m loan with Burkina Faso

Publish Date : 06-Dec-2019

The Director-General of the OPEC Fund for International Development (the OPEC Fund) Dr Abdulhamid Alkhalifa has signed a US$20 million development loan to help finance Burkina Fasos Agricultural Value Chain Support Project (PAPFA).

Dr Alkhalifa signed the loan in Ouagadougou with Burkina Fasos Minister of Economy, Finance and Development, Lassan Kabore. PAPFA aims to contribute to poverty alleviation and to enhance food security in Burkina Faso. Specifically, the project will help crop and vegetable farmers adopt efficient technologies related to the production, processing and storage of produce, ultimately enabling them to increase sales in local and regional markets.

While on the high-level mission to the West African country, Dr Alkhalifa attended the inauguration of the University of Ouagadougou - a major development project co-financed by the OPEC Fund. During the inauguration ceremony, Dr Alkhalifa received the Lordre National de lEtalon in recognition of the OPEC Funds continued support of development in the country. The honor was conferred by the Minister of Higher Education and Scientific Research of Burkina Faso, Dr Alkassoum Maga. Dr Sidi Ould Tah, Secretary-General of the Arab Bank for Economic Development (BADEA), also a co-financier of the university, was also conferred with the Lordre National de lEtalon.

Dr Alkhalifa said he was proud of the OPEC Funds work with Burkina Faso and honored to receive the decoration on behalf of the organization. The new loan demonstrates our continued commitment to a striving country that retains hope, despite the challenges it still faces, he said. It is our way of saying: we are your partners.

The University of Ouagadougou project was co-financed by the OPEC Fund in partnership with BADEA and the government of Burkina Faso. The new and expanded facilities include dormitories and provide a better academic environment. Approximately 18,500 on-campus students are expected to benefit.

Said Dr Alkhlifa: Ensuring inclusive and quality education for all and promoting lifelong learning is a fundamental ingredient to sustainable development. To see such a project come to life is inspiring and I believe this university will enable many people young and old to play a role in advancing the development of Burkina Faso, and more generally, in contributing toward a more equal global society.

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